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Societal Impacts in the Age of Inequality 2-Pack

The U.S. is the most unequal of all developed countries. The gaps between rich and poor have not been seen since in over a century. The one-tenth of one percent is loaded with stocks, bonds, hedge funds, cash and property. The respected business journalist Martin Wolf writes, “An out-of-control financial sector is eating out the modern market economy from inside, just as the larva of the spider wasp eats out the host in which it has been laid.” Inequality is corroding democracy. While the upper crust has been lining their pockets the working class, if they even have a job, has been pauperized. Food and rent take up much of their paltry take home pay. Tens of millions are dependent on food stamps. The homeless population continues to grow. How long can this continue?

Trickle-down neo-liberal economics has not worked. Well, not exactly. It’s worked beautifully for the rich. U.S. income inequality has returned to levels not seen since the 1920s. The top 1% rakes in one-fourth of the national income and has assets equivalent to half the national wealth. The Age of Inequality began in earnest more than 30 years ago. Wages, which had been constantly rising, flattened out. Families got hooked on the new money: credit cards. Debt skyrocketed. Workers took second jobs to make ends meet. The huge transfer of wealth upwards was accompanied by attacks on unions. Recall Reagan’s first action was to break a union. Then corporations started outsourcing, moving high paying jobs overseas. Throw in tax cuts and subsidies and you have a poisonous economic cocktail for the average worker. Inequality poses serious questions about the nature of democracy, fairness and economic justice.

Speaker(s):

David Cay Johnston, a former reporter for The New York Times won the Pulitzer Prize for his coverage of tax policy. He is the author of many books including Perfectly Legal, The Fine Print, Free Lunch and Divided: The Perils of our Growing Inequality.